REX to Change Name to REX American Resources Corporation and Trading Symbol to “REX” Effective June 10th
June 09 2010 - 4:00PM
Business Wire
REX Stores Corporation (NYSE: RSC) announced that at today’s
Annual Meeting shareholders approved an amendment to the Company’s
Certificate of Incorporation changing the name of the Company to
REX American Resources Corporation. The name change is effective
June 10, 2010 and at the start of trading tomorrow the Company’s
stock trading symbol will be changed to “REX” on the New York Stock
Exchange.
REX also announced that the Board of Directors named Zafar
Rizvi, 60, President and Chief Operating Officer of the Company,
acknowledging Mr. Rizvi’s substantial contributions in establishing
and managing REX’s alternative energy interests. For the past 18
years Mr. Rizvi has served REX as a Vice President, most recently
overseeing the Company’s alternative energy interests. Mr. Rizvi
will continue to report to REX Chairman and CEO Stuart Rose, who
until Mr. Rizvi’s appointment, also held the title of
President.
In the quarter ended April 30, 2010, REX reported alternative
energy revenue of $71.0 million compared with $14.1 million in the
comparable prior year period with alternative energy segment profit
of $8.6 million in the 2010 period compared with a $2.0 million
loss in the comparable prior year period. At April 30, 2010, REX
had cash and cash equivalents of $101.4 million, including $86.1
million of cash at the parent company (exclusive of approximately
$15.3 million of cash at consolidated ethanol production
facilities). Further information about REX American Resources
Corporation is available at www.rexamerican.com.
Stuart Rose, CEO, commented, “The name change to REX American
Resources Corporation better reflects the company’s primary
business, assets and focus. We believe it will help investors and
the marketplace better associate the Company with its alternative
energy business.
“Today, REX has interests in six ethanol production facilities
representing control of approximately 144 million gallons per year
of ethanol, a strong balance sheet with over $86 million in
unencumbered cash, and a portfolio of real estate assets with a
carrying value of approximately $31 million. Our business model and
modest share base provide the Company with significant operating
leverage, and we are confident that we can prudently deploy our
strong balance sheet for further investments in ethanol, other
renewable resources or other industrial projects, and through share
repurchases, to build value for stockholders.
“Zafar Rizvi’s appointment to the roles of President and Chief
Operating Officer acknowledges the strong contributions he has made
as we transitioned the company to focus on alternative energy. He
brings a track record of success in alternative energy and deep
perspectives on the industry to his new positions, and we look
forward to the continued benefit of his contributions as we seek to
build value for REX shareholders.”
At today’s shareholders’ meeting, REX shareholders also elected
seven members to the Board of Directors to serve until the next
Annual Meeting of Shareholders (which was the only other item up
for a shareholder vote). The Board members are: Stuart A. Rose,
Lawrence Tomchin, Robert Davidoff, Edward M. Kress, Charles A.
Elcan, David S. Harris, and Mervyn L. Alphonso.
This news announcement contains or may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements can be identified by use of
forward-looking terminology such as “may,” “expect,” “believe,”
“estimate,” “anticipate” or “continue” or the negative thereof or
other variations thereon or comparable terminology. Readers are
cautioned that there are risks and uncertainties that could cause
actual events or results to differ materially from those referred
to in such forward-looking statements. These risks and
uncertainties include the risk factors set forth from time to time
in the Company’s filings with the Securities and Exchange
Commission and include among other things: the impact of
legislative changes, the price volatility and availability of corn,
sorghum, dried distiller grains, ethanol, gasoline and natural gas,
ethanol plants operating efficiently and according to forecasts and
projections, changes in the national or regional economies,
weather, the effects of terrorism or acts of war, changes in real
estate market conditions and the impact of Internal Revenue Service
audits. The Company does not intend to update publicly any
forward-looking statements except as required by law.
Rex Stores (NYSE:RSC)
Historical Stock Chart
From May 2024 to Jun 2024
Rex Stores (NYSE:RSC)
Historical Stock Chart
From Jun 2023 to Jun 2024